Presentation on theme: "A Look at Wants and Need Chapter 1"— Presentation transcript:
1 A Look at Wants and Need Chapter 1 Businesses satisfy peoples basic needs all the way to their lavish wants. Competition and profit motivate these businesses to continually strive for businessChapter 1
2 Learning Objectives After completing this chapter you will be able to: State the differences between wants and needsDescribe how limited resources relate to wantsIdentify business activities that are used for products and servicesList the two factors that motivate businessesExplain the relationship between business and you.
3 Key Words Wants Needs Goods Services Resource Business Profit CompetitionConsumer
4 Business in Today’s World How would you revamp your space if you could? On the worksheet, write your answers.Wants and Needs of Your Sanctuary
5 Revamp Bedroom Worksheet Amount to SpendFrom $_______to $____________Size and Shape of BedroomColorThemeCurtainsPostersDoorway(for example: bead curtains, hanging shapes and so on)Closet(for example:walk-in, organized, sliding doors, mirror, rotating clothes rack, and so on)Extras(for example: private bathroom, window seat, entertainment area, sitting room, fireplace,mini refrigerator, desk bookshelves, and so on)
6 An Abundance of Wants Wants are things you wish you could have. Private wantsMountain bikeNew carPublic wantsHighwaysEducation
7 Satisfying Wants and Needs Needs are necessary wantsFood, shelter and clothingBusinesses assess consumer needs and provide goods and services.Goods can be physically weighed and measuredServices are tasks that people perform
8 Unlimited Wants, Limited Resources Resources – anything that people can use to make or obtain what they need or want.Examples:Fuel timberLaborMoneyResources limit the number of wants people satisfy.
9 Decision-Making Process Identify the problemList the alternativesDetermine the pros and consMake the best decisionEvaluate your decisionPeople make the most of their resources by making the right choices about what to buy.The decision making process is a step by step method to carefully consider alternatives that result in better choices.
10 Fast Review Define wants, needs, goods, services, and resources. What is the difference between public wants and private wants?List the steps in a decision-making process.
11 What is BusinessBusiness is an activity that seeks profit by providing goods and services to others
12 Business Activities Determine opportunities for products and services Evaluate the demand for products and servicesObtain funding set up and manages all factors for producing goods and servicesProduces the goods and servicesMarket the goods and servicesKeeps records to satisfy government requirements and analyze how to improve production and sales.A business generally goes through a sequence of activities when developing a new or improved product or service. A busiess:
13 Business MotivationsProfit is the amount of money left over after a business has paid for the cost of producing its goods and services.Competition – the contest between businesses to win customers
14 Business and You You as a Consumer You as a Wage Earner A consumer is a person who selects, purchases, uses, or disposes of goods and servicesYou as a Wage Earner
15 Fast Review Explain the functions of business. List the business activities that happen behind every product or serviceHow does business affect you as a consumer and as a wage earner?
16 Self Discovery in Business The value of knowledgeWhat do you like?
17 Fast Review Why is it important to understand business today? How will knowledge help your career?
19 Wants are things you wish you could have Needs are things you need for survival, like food, shelter and clothingGoods satisfy you wants and needs for material things that you can touchServices satisfy some of your wants for things you cannot see or touch
21 Business activities include determining opportunities for Products or servicesEvaluating the demandObtaining the fundingSetting up and managing all factors needed for productionProducing the goods or servicesKeeping records
22 Both profit and competition motivate business to meet wants and needs
23 Business affects You affect business Consumers by the products or services it decides to offerYou as a wage earner by determining the types of jobs that will be availableYou affect businessWhat products and services you buyHow you work